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After considerable research, Etrading Software launched Project Neptune as a consortium of both sell-side and buy-side to address the issue of pre-trade data. The sell-side were spending money creating custom datasets for each of their clients, to be delivered using various methods from email to instant chat. The buy-side were increasingly growing tired of trawling huge volumes of data to find the specific instruments they wanted to buy and then following up with the sell-side only to find they no longer have the inventory.
By developing and implementing an open standard utility, with an industry governance and a not-for-profit principle, Neptune delivered the following benefits:
- Structured, standardized pre-trade data sent directly from the sell-side to their clients
- Improved quality axe and inventory messages that are updated to reflect actual trading intentions
- Execution venue-neutral pre-trade data that allows buy-side and sell-side to trade on their preferred platform
- Strong data ownership model and industry governance